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What is the BEST, inexpensive WHOLE life Insurance?

What is the BEST, inexpensive WHOLE life Insurance I can get for myself AND my daughter. She is 1, and i am 19. I really need it to be on the cheap side, but have great coverage! Thanks!

Public Comments

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2. Whole life insurance is much more expensive than term life insurance. If cheap coverage is what you're looking for then term is the way to go. Agents will tell you that the disadvantage is no cash value, but the cash value builds up so slowly that you'd be better off pocketing the difference in premium or even better investing it (you want tax deferred I would advise a Roth IRA). There is also refund of premium term where if you make all your premium payments for the life of the term, 15-30 years, then you'll get back every penny you've paid. Whole life is more meant for older people who want to tax shelter funds for their estate. If you're young term is the way to go, it's dirt cheap. Term life + Roth IRA = long time financial security.